March Closing Adjustment Entries in Tally| Account Finalization| Year end adjustment entry in tally|
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March Closing Adjustment Entries | Account Finalization Entries | Year-end Adjustment Entry in Tally |
Timestamp-
00:00 - Introduction and Books of Accounts.
00:19 - Step 1: Checking the Opening Balance and Correcting Differences in the Trial Balance.
02:38 - Step 2: Checking the Cash Balance - How to Correct Negative Balances on a Daily Basis.
04:52 - Step 3: Balance Confirmation - Sending Letters to Debtors, Creditors, and Loan Accounts.
06:48 - Step 4: Entering Depreciation on Fixed Assets.
08:21 - Step 5: Booking Outstanding Expenses - March expenses that will be paid later.
10:51 - Step 6: Entering Prepaid Expenses - next year's expenses that have been paid now.
13:04 - Step 7: Accrued Income - this year's income that will be received next year.
15:26 - Step 8: Adjusting previous year's outstanding, prepaid, and accrued balances.
21:36 - Step 9: Making a provision for audit fees.
24:00 - Step 10: Transferring personal expenses to the drawing account.
26:12 - Step 11: Reconciling bank statements, 26AS, and AIS.
27:10 - Entry of TDS and interest on FD maturity.
30:19 - Reconciliation of GST Ledger balance.
31:08 - Step 12: Adjustment of Income Tax Provision and Advance Tax.
36:55 - Step 13: Transfer of Net Profit to Capital Account.
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About the video: Hello Friends, this video explains how the books of accounts are finalized and which adjustment entries are made at the end of the year.
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